🚀 ProPicks AI Hits +34.9% Return!Read Now

Is AUD/USD Breaking Down?

Published 11/20/2012, 12:21 PM
Updated 05/14/2017, 06:45 AM
AUD/USD
-
NOTE
-
AUD/USD

As I wrote in my weekly market commentary, I talked about how the price action angles on the aussie were weakening, suggesting a likely breakdown. The main thing needed was a lower high, and at that point, we had started the week off of a pin bar rejection, suggesting short-term higher prices. Price did climb, for a day, but has since started to show signs of weakening with a bear close Monday, and aggressive selling to begin today.

If the pair takes out Monday’s lows (about 1.0345), then it should challenge the pin bars lows at 1.0287. Below here, it could make a run towards 1.0150 which could offer some nice profits for bears. Bulls will likely want to wait till 1.0150 before adding longs, or aggressive short-term players can watch the pin bar lows for a possible short-term play.
<span class=AUD/USD" title="AUD/USD" width="800" height="599">
live-price-action-trading
NOTE: I am also short on this pair in a live trade as we speak, having shorted at 1.0393, taken 1/2 profit off the board and holding for my target or an exit signal. See chart below.

Original post

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.